With the number of businesses going online surging every month, the need to partner with the best online payment gateway has become more crucial than ever.
According to a study, 71% of Indian consumers now prefer to shop online. Payment sources like cards, net banking, UPI and Paytm Wallet have removed the friction of paying digitally.
Hence, businesses need today a payment gateway that makes it quick, easy and convenient for their customers to make payments online.
What is a Payment Gateway?
A payment gateway is a network that enables customers to transmit payments to you. Payment gateways are remarkably similar to the point-of-sale terminals seen in most physical establishments. They require the customers and companies to collaborate to complete a transaction.
After a customer makes a purchase, the payment gateway validates their credit card information and determines if they have enough funds in their account to pay for the purchase.
An online payment gateway provides the necessary infrastructure that enables businesses to accept digital payments.
For many small businesses, a robust and secure payment gateway is the easiest way to take their business online and widen their customer base.
An ideal payment gateway will not limit a business by geography or payment methods and will allow customers to pay wherever they are, in their preferred way.
Most businesses today understand the importance of integrating with a payment gateway, but choosing the one that’s right for your business is not as easy as it seems.
Here are a few questions you should ask before selecting a payment gateway:
- What is the cost of the service it provides?
- What specialities do they present that will keep my business and customers secure?
- How easy or difficult will it be for me to start accepting digital payments?
- Does the payment gateway support international transactions?
We understand the importance of these questions and have listed the best payment gateway features to help you get the answers you need.
Also Read: What is a Payment Gateway & How Does Paytm Payment Gateway Work?
Top Payment Gateway Features Paytm Offers Businesses
#1. Merchant Dashboard: For easy & powerful accessibility
One of the major pain points for small business owners is the reconciliation of payments. You must be able to track from where the payments have come and which ones are pending.
The Paytm Payment Gateway‘s robust business dashboard gives you complete command over your business’s inbound & outbound cash flows, bank accounts, and events. That too on a single platform.
Here’s how:
- Transactions management: Handle your business transactions, initiate refunds, resolve disputes and receive same-day settlements through a single dashboard. You can also download reports and get valuable insights in real-time to make knowledgeable business decisions.
- Bank account management: The dashboard lets you conduct and maintain your account without hassles. You can also edit your business details, bank details, notification settings, etc.
- Notifications: With the dashboard, you will get notified of every event, guaranteeing that you stay informed and can take timely actions on the go.
#2. Saved Payment Instruments: For an effortless payment experience
Ensuring customers experience a high-quality shopping experience that runs on the most effortless payment options is paramount.
Asking your customers to enter their payment details again and again is giving them a poor experience, especially when you want them to keep coming back for more.
The Paytm Payment Gateway, with its Saved Instruments feature, enhances the checkout experience for your customers by freeing them from the hassle of entering their payment details time and again.
This feature allows your customers to save their payment details for future use, reducing transaction time and increasing success rates.
#3. International Payments: Reach customers in 200+ countries
Accepting international payments is a common hassle for Indian businesses.
How well you can sell abroad is usually based on the type of transactions, high security and trust, settlement time, the currencies a payment gateway supports and more.
A business needs to understand that the cost of accepting international payments plays a part in the expenses incurred in catering to customers abroad.
On top of that, you also need a payment gateway service provider trusted by your international customers.
The antidote to these pain points is the Paytm Payment Gateway which empowers you to accept international payments in all major currencies and unlock significant revenue streams for your business.
#4. Express Payments: Experience the fastest payment transactions
According to a survey, 22% of customers abandon their cart when an online store compels them to create a new user account to make the purchase.
What matters to them is the ability to check out quickly and seamlessly.
A good payment gateway can enable retailers to boost conversions by up to 50% by eliminating redundancies, such as requiring them to enter billing and shipping information, even if the postal addresses are the same.
Paytm Payment Gateway allows businesses to activate its Express Payments feature that enables OTP-less and CVV-less payments through a checkbox for customers.
This feature enables you to modify the way your clients pay and quickly process Visa transactions on your website/app without the requirement for CVV or OTP authentication.
Express Payments was designed for speed and simplicity, allowing you to say yes to a seamless, quick, and risk-free payment option for your consumers with a single sign-up procedure.
#5. Instant Refunds: Enable zero waiting time on your transactions
Instant Refunds are the new standard and central to a great customer experience.
Many consumers prefer not to use online payment methods because getting refunds through an online platform is a very time-consuming task. Hence they opt for CoD as a safer alternative.
Given the technological advancements the fintech ecosystem is making, it’s fair for customers to expect refunds as fast as possible.
A poll found that 92% of customers would make another purchase if the returns process was simple.
Paytm Payment Gateway allows businesses to enable zero waiting time with instant refunds that can help enhance user experience and trust in your brand.
#6. Subscriptions: Seamless recurring payments solutions
Recurring payments allow you to set up an automated billing cycle for your customers, making them suitable for organisations that have monthly payment plans.
According to Statista, by 2025, the market size of the digital subscription economy worldwide is expected to reach $1.5 trillion.
According to research, around 45 million Indian households paid for 99 million video streaming subscriptions in 2022.
With the Paytm Payment Gateway’s subscriptions functionality, you can easily collect recurring payments while also providing your consumers with free trials.
Additionally, you can secure an upfront fee and automate recurring payments in a single step, and charge customers a fixed value or as per their usage.
#7. Large Payment Collection: Collect & reconcile bank transfers efficiently
If you handle large payments on-site, every variable counts.
According to India Marketers, the country’s average cart abandonment rate at 51%, but it can rise to 70-75%, resulting in enormous revenue loss. It means that any improvement you make to the shopping experience can lead to dramatic changes in your bottom line.
It is especially true for any retailer working with a high sales volume. When you handle your payments on-site, choosing a payment gateway that will help you understand your options and responsibilities is crucial.
Paytm’s Large Payment Collection enables businesses to collect and reconcile bank transfers while managing their collections and letting them concentrate on business growth.
This feature allows you to generate custom virtual account numbers and start collecting payments from your customers through NEFT, RTGS, or IMPS, thus enhancing your business’s productivity and shifting your massive workload to drive growth.
#8. International Merchants: Reach out to your customers worldwide
The best online payment gateway service providers extend numerous features depending on your business needs.
Let’s say you want to provide your products and services to customers globally. In that case, your payment gateway should provide a global solution and allow you to accept payments in several international credit cards, debit cards, and currencies.
The Paytm Payment Gateway’s International Merchants feature allows you to access 330 million+ Paytm users.
You can also accept payments through all sources like credit or debit cards, net banking, UPI, Paytm Wallet & Paytm Postpaid.
#9. Settlements: Say goodbye to liquidity crunches
It is essential to have a merchant account to receive funds through an online payment gateway.
What is a merchant account? When customers perform an online payment through a payment gateway, it transfers the money temporarily to a separate retailer account. This account is different from your actual bank account.
Usually, the cash stored in a merchant account has to wait until it gets approved by the customer’s processing bank.
Paytm Payment Gateway eliminates this waiting period by upgrading the way you get customer payments settled with Paytm Settlements.
This feature helps businesses manage cash flows to handle daily operational expenses more efficiently. They can enjoy next-day settlements by enabling a T+1 settlement cycle at zero additional charges.
#10. UPI Payments: Enable the easiest transactional experience
Several payment gateway services limit their payment options to Debit/Credit Cards or Net Banking.
In this situation, businesses wait for the payments to reflect in their merchant account through a relatively slower transactional process.
Having a familiar mode of payment for the customer ensures that there is no anxiety on the customer’s end to feel like they have landed somewhere else when presented with the Payment Gateway front-end.
Using the Paytm Payment Gateway does not force your customers to only use Paytm or its related products for making payments. It offers numerous ways in which customers can pay. These include:
- Paytm Wallet
- Bank account via UPI
- Debit or Credit cards
- Net Banking
- EMI Option on cards
- Paytm Postpaid
With the Paytm Payment Gateway, businesses can leverage Paytm’s loyal base of 330 million+ users.
Also, with its UPI Payments feature, they can be sure to accept payments directly into your bank account if you need to.
They can also receive timely support via the Merchant Helpdesk, a dedicated accounts manager and migration assistance if required.
Also Read: What Makes Paytm Payment Gateway the Best and Cheapest Payment Gateway in India
#11. Developer-friendly SDKs: Integrate a payment gateway swiftly & securely
Most app developers will need to use SDKs at some time. SDKs, or Software Development Kits, are tools that assist developers in creating powerful apps with excellent functionality that improve the entire user experience.
Having an easy and efficient way to integrate the process of collecting online payments on your online shop is a dealmaker for selecting an appropriate payment gateway for yourself.
It is especially crucial because different developers have different preferences.
Paytm Payment Gateway’s SDKs provide solutions that cater to all types of varying requirements. It is compatible with apps built under native as well as hybrid frameworks.
Paytm Payment Gateway Integration options include SDK or non-SDK integration for apps created on native frameworks. Apps developed on hybrid frameworks can use the relevant bridges provided under the All-In-One SDK solution.
#12. PCI-DSS level security: Establish a trustworthy relationship with your clients
The security of payments is pertinent in any online transaction.
Secure payment processing makes it easier to send online payments, customer data, and other sensitive information while also protecting against fraud and other security risks.
The Paytm Payment Gateway uses the latest anti-fraud technology to keep things safe for you and your customers. It has a dedicated team of 200 cybersecurity experts to ensure every user transaction is secure.
It is also certified by the Payment Card Industry – Data Security Standards (PCI-DSS) with 128-bit encryption.
#13. Competitive pricing: Be free of unnecessary hidden costs & expenditures
In this lucrative environment, pricing is one of the most critical factors for a business to consider.
While the term ‘free payment gateway’ can surely ring a bell in your head, can there ever really be a free payment gateway?
To evaluate if a ‘free payment gateway’ exists, you should thoroughly understand the charges incurred by the payment gateway service provider, which usually include setup fees, maintenance charges, transaction discount rates, and more.
The lesser fee you pay to your provider, the more you earn from your customers.
With the Paytm Payment Gateway, you can be sure to have a massive advantage in terms of pricing over any other payment gateway in the market.
With a 0% fee on UPI transactions, competitive fees for other payment methods, and the option of creating a custom pricing plan that fits your business needs, Paytm Payment Gateway runs on one of the most successful competitive pricing models.
Frequently Asked Questions
Q1. How secure is Paytm Payment Gateway?
Paytm Payment Gateway prioritises security and integrates modern methods such as encryption protocols, two-factor authentication, and fraud detection systems. It ensures the safety of transactions and client data.
Q2. Can Paytm Payment Gateway be customised to match my brand?
Yes, Paytm Payment Gateway allows for customisation, allowing companies to personalise the payment experience to reflect their brand identity.
Q3. Does Paytm Payment Gateway support recurring payments?
Absolutely! Paytm Payment Gateway offers a subscription billing functionality that allows businesses to set up and handle recurring payments.
Q4. What countries does Paytm Payment Gateway operate in?
Paytm Payment Gateway is a worldwide payment gateway that supports businesses and transactions in different countries and currencies.
Q5. How to get Paytm Payment Gateway or contact its customer support?
You may contact our customer care staff via designated support channels.
Please visit our website at www.business.paytm.com to explore our solutions. We also have a chatbot on the website that can guide you with your business requirements.
If you are an existing Paytm for Business customer, you can reach us on 0120-4440440. If you are not using any of our solutions, you can also send us a query by filling out the form here.
On a Concluding Note
Choosing the right payment gateway is critical for businesses to prosper in the digital marketplace. Paytm Payment Gateway provides a complete set of features that make it a popular choice for Indian companies.
Paytm Payment Gateway checks all the requirements, from rigorous security measures and simple integration to many payment alternatives and good customer service. By utilising these capabilities, businesses may improve their payment processes, increase client trust, and drive growth.
